An Incisive, In-depth Analysis on the Car Rental Forecast Period Market
This study offers a comprehensive, 360 degree analysis on the Car Rental Forecast Period market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Car Rental Forecast Period market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Car rental services include wide-ranging services related to renting vehicles/automobiles for specific time periods, ranging from a few hours to a few months, for an appropriate fee. These services are often offered via websites and through online reservations. Car rental services are generally required by people who need a vehicle temporarily; usually, they are either travellers or car owners who need to briefly relinquish their own cars for service, repair or insurance compensation requests.
Drivers & Trends
Increasing demand from emerging economies, surge in public awareness about car rental services, rising global tourism industry, introduction of new business concepts, increasing number of Internet users and increasing international tourist arrivals are some of the major factors driving growth of the global car rental market currently. Increasing GDP rates and increasing income levels across the globe are also expected to drive the car rental market, significantly, in the near future.
Conversely, stringent emission standards, low cost public transportation, and volatility in crude oil prices are some of the minor restraints in the global car rental market.
Analysis, by Geography
Geographically, the global car rental market is segmented into seven regions: North America, Western Europe, Asia Pacific Excluding Japan, Latin America, the Middle East and Africa and Latin America; of these, the most prominent regional markets are North America and Europe, which together constituted around 62.4% share of the overall market in 2014.
North America is expected to remain the most dominant car rental market globally, throughout the forecast period.Ongoing technological developments, increasing online presence of car rental companies,high adoption rates for car sharing services, high consumer spending and growth in tourism are among the major factors responsible for the increasing demand for car rental services in the region.
Despite huge investments by key players and new entrants in North America, the market in the region is expected to grow at a moderate rate owing to saturation of the traditional market and also as it is the oldest car rental market globally.
Technological advancements coupled with expansion of leading car rental companies in developing regions, such as Asia Pacific and Latin America, are factors that are projected to boost demand for car rental services globally in the coming years. This is further expected to create new opportunities for the global and regional niche players to enter the market in these regions, with cost-effective offerings, in order to gain majority of market share.
The Middle East and Africa and APEJ markets are expected to expand at a comparatively higher CAGR than the other segments.
Analysis, by Segment:
By end use, the global car rental market is segmented into four segments: intercity, intracity, on-airport, and others; of these, on-airport was the most prominent segment, accounting for 49.5% share of the overall market, in 2014.
The on-airport segment is expected to remain the most dominant segment in the global car rental market throughout the forecast period. Rise in operation of various car rental companies at airports,high adoption rates for car sharing services, high consumer spending and rise in air travel are factors responsible for the growth of the on-airport segment globally.
By booking type, the global car rental market is segmented into offline access, mobile application and other Internet access. In terms of revenue, the mobile application segment is anticipated to create the highest incremental $ opportunity between 2014 and 2025
By sector, the global car rental market is segmented into organised and unorganised sector. Organised segment is anticipated to create the highest incremental $ opportunity between 2014 and 2025. Factors such as increasing number of car rental companies and rising consolidation are driving the growth of the organised segment in the market.
By customer type, the global car rental market is segmented into business and leisure. The business segment accounted for 53.8% shareof the overall market in 2014. Owing to the increasing leisure and domestic travel, the leisure segment is expected to expand at a high CAGR during the forecast period
By car type, the global car rental market is segmented into economy cars, compact cars, intermediate cars, premium cars, luxury cars and others. The intermediate cars segment is expected to expand at a comparatively high CAGR of 9.8% as compared to the other segments, during the forecast period
Key players considered in the global car rental market include Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Inc., Europcar Group S.A., Carzonrent India Pvt Ltd., Sixt SE, Al Futtaim Group, Localiza- Rent a Car SA, Eco Rent a Car and GlobalCARS.
Global Car Rental Market Size (US$ Bn) 2014 and 2025
This Future Market Insights report examines the ‘Global Car Rental” market for the period 2014-2025. The primary objective of the report is to offer updates on the advancements in the car rental market, examining the marketing efforts and to identify the market opportunities in the global car rental market.
Awareness about car rental services is rising at a considerable pace in the developed economies across the globe, which in turn is driving demand for car rental services in the concerned markets.
The report depicts the marketing strategies undertaken by the service providers, which are significantly driving the car rental market. This study analyses, estimates and forecasts the global car rental market from the supply perspective, in terms of revenue (US$ Bn) during the forecast period from 2015 to 2025. The report also highlights the impact of various drivers and restraints in the concerned regions, during the forecast period.
Car rental services include wide-ranging services related to renting vehicles/automobiles for specific time periods, ranging from a few hours to a few months, for an appropriate fee. These services are often offered via websites and through online reservations. Car rental services are generally availed by people who need a vehicle temporarily; usually, they are either travellers or car owners who need to briefly relinquish their own cars for service, repair or insurance compensation requests.
To understand and assess the opportunities in this market, the report is categorically divided under various sections such as market analysis, by region (North America, Western Europe, Eastern Europe Asia Pacific Excluding Japan, Latin America, Japan and the Middle East & Africa), by end use, by customer type, by booking type, by sector, by car type, and competitive landscape (inclusive of competition dashboard, opportunity matrix and company profiles). The report analyses the global car rental market in terms of market value (US$ Bn).
The report starts with an overview of the car rental market across the globe. In the other sections, FMI covers the key trends, drivers and inhibitors from supply and demand perspective. It also covers the market opportunities in the car rental market. Impact analysis of the key growth drivers and inhibitors, based on the weighted average model, is included in the report to better equip and arm clients with crystal clear decision making insights.
The next section of the report analyses the market based on end use segments and presents the forecast in terms of value for the next 10 years.
Regions covered in the report include:
- North America
- Western Europe
- Eastern Europe
- Latin America
To calculate the market size, the report considers various aspects based on secondary research. Furthermore, data points such as regional split and market split, by segment, and qualitative inputs from primary respondents have also been incorporated to arrive at appropriate market estimates.
The forecast presented here assesses the total revenue generated in the car rental market. While forecasting the market, sizing the current market is considered to be the starting point, which forms the basis for the forecast, as to how the market is anticipated to take shape in the near future. Given the characteristics of the market, we triangulated the data via different analyses, based on supply side, demand side, and dynamics of the related markets. However, quantifying the market on the basis of the above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and to identify the right opportunities in the car rental market.
Another key feature of this report is the analysis of the car rental market, by region, and its revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global car rental market.
Furthermore, to understand the key growth segments in terms of growth & performance of car rental market, Future Market Insights developed the market attractiveness index. The resulting index should help providers identify real market opportunities.
Few of the market players featured in the section include:
- Enterprise Holdings Inc.
- The Hertz Corporation
- Avis Budget Group, Inc.
- Europcar Group S.A.
- Carzonrent India Pvt Ltd.
- Sixt SE
- Al Futtaim Group
- Localiza- Rent a Car SA
- Eco Rent a Car